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Experimental Methods in the Political Economy of Exchange

Smith, Vernon L. (1986) Experimental Methods in the Political Economy of Exchange. Science, 234 (4773). pp. 167-173. ISSN 0036-8075. doi:10.1126/science.234.4773.167.

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Traditionally, economics has been considered a nonexperimental science. In the last quarter century experimental methods have become a growing part of the economist's effort to more fully understand how individual motivation, individual information, and exchange rules relate to market outcomes in different institutions. Empirical support has been found in a wide variety of different experiments for the theoretical proposition that markets serve to aggregate the dispersed information of individuals to produce wealth-creating outcomes for society. A number of different experiments are presented to illustrate the type of questions addressed, including some in which the process is governed by political institutions such as majority rule.

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Additional Information:© 1986 American Association for the Advancement of Science. I thank J. Cox, J. Ledyard, G. Suchanek, J. Walker, and A. Williams with whom I have worked on a number of experimental studies from which I have drawn illustrative examples in this article, and to the National. Science Foundation for financial support over many years, beginning in 1962, for experimental research in economics.
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Issue or Number:4773
Record Number:CaltechAUTHORS:20150121-134959100
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Official Citation:Experimental Methods in the Political Economy of Exchange VERNON L. SMITH Science 10 October 1986: 234 (4773), 167-173. [DOI:10.1126/science.234.4773.167]
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:53954
Deposited By: Tony Diaz
Deposited On:21 Jan 2015 22:40
Last Modified:10 Nov 2021 20:25

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